MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

How To Alter Your Budget To Suit Your Work From Home Lifestyle

According to the multi-ministry task force handling COVID-19, Singapore may enter Phase Three by the end of 2020 should the community cases remain low in the country. The restrictions reflected by this upcoming phase may last for a year or more. That being said, more and more people are working from home.

This huge shift in the global workplace has brought many changes in our lives. Whenever big transitions occur, it is a good opportunity to re-assess all the aspects of our lives including our finances. What has changed in your budget ever since you started working from home?

Reduced costs on transportation, work clothing, daily coffee stops, and dining out were usually observed in the previous months. In contrast, many experience a spike in utilities, groceries, and online shopping fees. How can you better prepare for your future with this new set-up?

#1: RE-EVALUATE WHERE YOUR MONEY IS GOING

Get a realistic view of your finances by pulling out your bank statements, credit card bills, and other month expenses from the past three months. If you are using a budgeting app such as Mint, you may track your spending using the information inside the app. Look for unnecessary categories or recurring expenses that you can do without. This will help you spend less than what you have originally planned.

Aside from your spending, concentrate on other parts of your personal finance such as investments and emergency funds. You have the luxury of time to re-evaluate how much you are saving in your emergency funds. Ensure that the money you put inside will be sufficient to cover unforeseen events such as unemployment. We must overcome complacency during these tough times.

#2: CONSIDER DIFFERENT BUDGETING STRATEGIES

As you establish your new budget to suit your work from home lifestyle, you may employ different strategies such as goal-specific budget and the 50/30/20 method. The former focuses on the goal and not the percentages. You may start with a specific short-term goal such as saving S$50 for your emergency fund this week or a long-term goal such as putting away S$5,000 for a vacation next year. Break down your goals and allot how much you need to save per week or per month. Ensure that you meet your other financial responsibilities as you prepare for your goals too.

The 50/30/20 method entails putting 50% of your take-home pay to your fixed expenses including groceries and rent. 30% needs to go to your variable expenses such as entertainment and clothing. While, 20% is dedicated to your savings. Choose a strategy that will best work for you.

#3: STORE EXTRA CASH IN YOUR HOME

Many of us are working from home because there has been a shift in the economy due to the unpleasant effects of the pandemic. It helps to be prepared as we live within the realms of uncertainty. Store extra cash in your home for emergency situations. You may label this as your emergency fund, which can cover your expenses for at least six to nine months.

Knowing that you will be alright for a considerable amount of time before needing to use other financial resources can help you sleep better at night. This will prevent you from incurring debts.

#4: MAXIMIZE YOUR TELECOM AND INTERNET PLANS

Because most of our time are spent at home, it comes as no surprise that our utilities are higher now. Do your best to ensure that you are getting the most out of your telecom and internet plans. If your plan has an inclusion of data, try to substitute a costly mobile call for calling over at WhatsApp or Telegram. Various online platforms offer free calling and video-conferencing services worldwide. Take advantage of that!

#5: CONSERVE ENERGY

This new living and working arrangements have considerable effects on our electric bills. As much as possible, conserve energy on the devices and appliances that you work with. Unfavorable habits such as leaving your laptop constantly plugged in or forgetting to unplug your smartphone charger can cost you.

Image Sources: unsplash.com

One of the easiest ways to save energy is by ensuring that your cables or chargers are unplugged. Most devices work best with the 40-80 battery rule. You must plug the charger when your battery drops below 40% and disconnect the plug when the battery reaches 80%. Leaving a laptop or handphone constantly plugged in can cause extra wear and tear to the battery. Take care of the devices, which you use on a regular basis.

Sources: 1, 2 & 3

5 skincare gift sets under S$50 you can consider for the yearend season of giving

This year hasn’t been great for many of us, and the yearend celebrations would probably be slightly different. Amid the pandemic, Marina Bay Singapore Countdown 2021 organisers said on Thursday (Nov 5) that there will be no fireworks display at Marina Bay on New Year’s Eve. Oh well, it’s indeed better to be safe than sorry with the virus still lurking around.

But don’t be disheartened! We read that fireworks will still be available at various heartland locations islandwide. More details to come as we take a step closer to December. And talking about the yearend, let’s not forget to keep up with the spirit of giving. With everyone tightening their belts this year, we’ve put together five skincare gift sets under S$50 for your consideration.

Get them as a present for yourself or your loved ones!

#1: Clinique Merry Moisture

Price: S$19

We will roll with the most affordable option, Clinique Merry Moisture at just S$19. The set consists of a Moisture Surge™ 72-Hour Auto-Replenishing Hydrator (1oz/30ml) and a Chubby Stick™ Moisturizing Lip Colour Balm in Mega Melon (0.04oz/1.2g). The hydrator contains hyaluronic acid and aloe water to give skin the power to rehydrate itself. At the same time, the lip balm nourishes lips with vitamin E, mango, and shea butter.

#2: Innisfree Winter Glow Skin Set Holiday Edition

Price: S$26

Next up on our list, we have the Winter Glow Skin Set Holiday Edition (70ml) from Innisfree. This skincare trio comprises of the Jeju Green Tea and Jeju Orchid essentials you need for moisturised glowing skin. The packaging is a collaboration with Steven Harrington, an LA-based artist and designer known for his cheerful and contemporary, psychedelic pop-aesthetics. Let Harrington’s signature quirky illustrations delight the festivities!

#3: Sephora Collection Wild Wishes Tropical Skincare Set (Limited Edition)

Price: S$26

With the same budget at S$26, you can also consider the Wild Wishes Tropical Skincare Set (Limited Edition) by Sephora. The selection of masks boasting a variety of different ingredients, textures, and benefits come in a limited-edition tropical design pouch. To be exact, you will get five types of masks, including a mud mask, grape face mask, pineapple nose mask, green clay mask, and an açaï smoothie mask.

#4: Origins Mask Merry Skincare Set (Limited Edition)

Price: S$36

Similar to our previous listing, Mask Merry Skincare Set by Origins has five must-have masks. Original Skin™ gently exfoliates and refines pores while the Drink Up™ Overnight infuses skin with 72-hour hydration. The set also includes Dr Andrew Weil for Origins™ Mega-Mushroom to soothe the look of visible redness. Lastly, the Clear Improvement™ Active Charcoal Mask detoxifies, and Charcoal Honey gently purifies pores and nourishes.

#5: Laneige Mini Sleeping Mask Set

Price: S$46

To round up our list of skincare gift sets under S$50, we have the Laneige Mini Sleeping Mask Set at S$46. The collection includes the well-known Water Sleeping Mask (25ml), Lavender Water Sleeping Mask (25ml), and Cica Sleeping Mask (25ml). The overnight masks will restore your skin’s liveliness, giving you a well-rested appearance the next morning. Bring either one on your staycations or your upcoming yearend trip to Hong Kong!

May your upcoming Merry Christmas be filled with lots of love and laughter.

How to practise mindful worrying when you have 1,001 thoughts to think about

At the time of writing, COVID-19 cases have crossed over 47 million, with more than 1 million deaths. This period has indeed been more than a nightmare for many of us, and we think it’s apt to say that 2020 is a year filled with worries.

Health uncertainties, job losses, and constant changes contribute to the 1,001 thoughts we think about. If you find yourself worrying for most of the day, maybe gaining a tip or two from Dr Jenny Taitz, a clinical psychologist, might help. Here’s how to practise mindful worrying.

#1: Observe the thoughts that don’t empower you

Image Credits: Freepik

More often than not, we find ourselves feeling dejected after spending some time indulging in our worries. Dr Taitz rightly points out that while we can’t choose what shows up in our minds, we can observe the thoughts that don’t empower.

When a thought like skywriting appears, immediately decide if it’s worth dwelling on. Ask yourself if there’s a solution to solve the problem. If yes, go ahead and take action. If no, stop. Also, be completely aware that this action does not equate to ignoring your worries.

We also understand that sometimes our thoughts get so loud it’s hard to stop thinking about them. Should you face such a situation, maybe turning your attention to watching a short video clip might be useful to help you get back on status quo.

#2: Carve out time to think over things

Image Credits: Spillwords

Remember that we’re not asking you not to worry. Instead, we’re offering advice on how to practise mindful worrying. Thus, it’s essential to plan a time to worry about things. Sounds ridiculous? Probably yes at first glance but there’s more than meets the eye.

By setting aside a specific time to worry, it can significantly cut hours of intrusive worrying. Dr Taitz shares that scheduling worry is a practice that hinges on behavioural science. It encourages self-monitoring and is a step towards breaking the all-day worry habit.

Rather than switching between half-attended-to thoughts and day-to-day activities, having a ‘worry time’ can be a form of exposure therapy for anxiety. Over time, you will learn to acknowledge that your thoughts and feelings come and go.

#3: Details on planning a ‘worry appointment’

Image Credits: Medium

With regards to allocating a time to think over things, Dr Taitz advises her clients not do it right before bed or first thing in the morning, particularly for people who tend to wake up in fear or with anxiousness. Start with a session or two of 15-minute ‘worry appointments’.

Decide the specific topics (such as financial or health concerns) for worrying to make sure you thoroughly deal with the possible range of worries. While distressing, write them down and ponder if you’re able to solve them by taking practical steps.

After the ‘worry appointment’ is over, leave whatever leftover thoughts to the next session. Should your mind start playing tricks, and you find yourself close to entertaining those pop-up worries, tell yourself, “It’s OK, you don’t have to do this right now.”

#4: Be fully present outside of worry periods

Image Credits: sg.theasianparent.com

Dr Taitz suggests some useful tips to help us stay fully present outside of worry periods. You can schedule rituals like leaving your phone at home before heading for your daily walk or savouring your breakfast without checking the news or replying emails.

Take a study led by two psychologists at the University of California, Los Angeles, for reference. Two groups of participants were asked to listen to a recording on focused breathing and one that provoked worrying respectively.

After the listening exercises, they were then given negative images to view. Compared to the group who listened to the recording on focused breathing, the participants from the worry group responded more negatively.

From this study, we can conclude that worrying is energy-draining than compared to putting our focus on the present. According to Dr Lizabeth Roemer, a professor of psychology at the University of Massachusetts Boston, our minds act on habit. Even in pain, let’s help our minds to cope by practising mindful worrying.

We can do it!

These 10 skincare habits will help you achieve your beauty goals in no time

When it comes to skincare, many of us are clueless. Based on hearsay, sometimes we commit skincare regime mistakes and then blame it on bad genes. While skin condition may be hereditary, it also takes effort if you want to achieve flawless skin.

Here are 10 skincare habits that will help you achieve your beauty goals in no time.

#1: Get enough shuteye

A consultant dermatologist, Dr Stephanie Ho, shares that your sleep quality affects your skin’s age. Poor sleep quality may weaken its ability to repair itself from damage such as sunburn. Thus, be sure to get enough rest, ideally a good one at night.

#2: Faithfully apply sunscreen

Image Credits: Depositphotos

According to Dr Ho, prolonged exposure to sun rays result in the early formation of pigmentation, wrinkles, and dryness. All these can lead to initial signs of ageing. To counter it, be sure to include sunscreens in your skincare routine.

#3: Use the right products

Expensive products don’t always do the trick. Manman Chong, education director for Asia at French skincare company Caudalie, points out that using the wrong products might aggravate existing skin problems and conditions. Seek professional help if you’re unsure.

#4: Remove makeup thoroughly

Image Credits: Business Insider

Not correctly removing makeup might result in your pores clogging over time. Makeup artist Clarence Lee recommends us to choose a good cleansing oil. Save time and money since now you do not need to buy separate makeup removers for the eye, lip, and face.

#5: Clean your makeup tools

Talking about makeup, Lee advocates using clean tools. Even if you do not share them with others, bacteria can still form over time due to a certain level of moistness in our makeup products combined with the skin’s natural sebum.

#6: Leave that pimple alone

Image Credits: theogeeclinic.com

Dr Ho remarked that popping pimples does not solve the underlying problem and may lead to infection and even scarring. If you’re facing acne problems, book an appointment with a dermatologist to receive proper topical treatments or oral medication.

#7: Hydrate sufficiently

If dryness, flakiness, and reduced suppleness of the skin is what you detest, then keep up with proper hydration. Dr Ho recommended about 2.7 litres of water for women and 3.7 litres for men. Alternatively, when you feel thirsty or spot a darker urine colour, it’s a sign to drink up.

#8: Go easy on exfoliation

Image Credits: Foreo

In short, exfoliation is not for everyone. Especially for people with sensitive and dry skin, overdoing it can cause inflammation and itchiness. It’s also wise to check your current skincare products for substances like retinoids or benzoyl peroxide.

#9: Give products time to work their magic

Chong suggests giving 28 to 56 days (or four to eight weeks) to decide if a particular skincare product is working for you because healthy skin regenerates in 28 days. Also known as ‘cellular turnover’, it plays a crucial role in bringing out your product’s effectiveness (if any).

#10: Avoid hot water for face wash

Image Credits: Brit + Co

Using hot water for face wash can irritate and strip the skin of natural oils. The ideal water temperature should not be too high or too low since extreme temperatures affect our vulnerable facial skin. Chong proposes using lukewarm water of about 30 degrees Celcius instead.

UOB partners Shopee to offer customers greater value as they shop online

Partnership comes as more customers are shifting their buying online; online campaigns such as 11.11 and Black Friday expected to boost online spend

United Overseas Bank (UOB) and Shopee have signed a Memorandum of Understanding (MOU) to offer customers more value when they use UOB’s flagship UOB One Credit or Debit cards to make purchases on Shopee’s online marketplace.

The MOU is timely given the surge in online spending this year. Since the start of the year, spend on retail purchases made online by UOB cardmembers has grown close to 50 per cent year on year. In the second quarter of this year when Singapore underwent a circuit breaker period to contain the COVID-19 pandemic, spend made online surged 69 per cent compared to the same period in 2019.

Even as businesses begin to resume operations from July, online spending continues to increase as customers take to the ease of shopping online. Among UOB cardmembers, Shopee has been their preferred choice, with spend made on Shopee outpacing other popular online marketplaces in 2020. For example, spend at Shopee made by cardmembers of UOB’s flagship cashback credit card, the UOB One Card tripled between 2019 and September 2020.

Given the popularity of Shopee among UOB One Cardmembers, the MOU partners have signed up to offer exclusive deals and cash rebates of up to 10 per cent when customers charge their purchases on Shopee to their UOB One Card. The partnership comes as e-commerce campaigns such as 11.11 and Black Friday are expected to draw in more customers looking for value as they shop online.

In addition to exclusive privileges for UOB One Cardmembers, the MOU partners will also explore the use of data analytics and APIs to personalise the customer experience as they shop online and to offer digital payment options that are relevant to the consumer, such as using reward points to offset their purchases.

This could also lead to initiatives such as the integration of Shopee’s features on UOB’s all-in-one mobile banking app, UOB Mighty or vice versa.

Ms Jacquelyn Tan, Head of Group Personal Financial Services, UOB said, “At UOB, our focus is always on how we can make our customers’ purchasing journey simpler, smarter and safer. We have been expanding the exclusive partnerships for our flagship credit card, the UOB One Card, to serve the lifestyle needs of our consumers. Today, UOB One Cardmembers can enjoy exclusive privileges when they shop at any Dairy Farm Group brands, hail a ride or order food delivery with Grab or pay their utilities bills with SP Group.

With Shopee on board as a long-term partner, we now have the largest partner ecosystem in Singapore to enable our customers to derive greater value as they shop online. We are also excited to embark on our commitment with Shopee to explore and to design innovative processes, solutions and services to drive the adoption and usage of online retail and digital payments.”

Mr. Zhou Junjie, Chief Commercial Officer, Shopee, said, “Shopee’s priority has always been to deliver our users with memorable and unique shopping experiences. We utilise a data-driven and hyper-localised approach to cater to consumer needs, resulting in campaigns, offerings, and partnerships that evolve in tandem with ever-changing user demands. Being a proudly homegrown company ourselves, we thus see great synergy in partnering with UOB, one of the largest local banks in both Singapore and Asia, to explore new ways of deepening user engagement. This timely partnership coincides with one of our largest shopping events – the Shopee 11.11 Big Sale – giving us the opportunity to not only bring users the best shopping experience possible, but to also connect, inform, and inspire consumers all across the region.”